Railway PSU RITES’ 2016-17 total income up 18%

New Delhi, May 29 (IANS) The government on Monday reported that its specialised railways’ engineering consultancy firm RITES has recorded a 18 per cent increase in its total income for 2016-17.

“Despite severe competition from domestic and foreign consultancy companies, RITES recorded PAT (profit after tax) of around Rs 330 crore on a turnover of Rs 1,508 crore,” the Ministry of Railways said in a statement.

“The company has also issued two bonus issues during the year, increasing its paid-up capital from Rs 100 crore to Rs 200 crore.”

According to the ministry, in 2016-17 RITES completed the supply of 120 coaches to Bangladesh Railways. The company also bagged two new contracts with Sri Lanka Railways for the supply of locomotives and DMU train sets.

“With positive scenario for investments in railways and other infrastructure sectors, the company sees high growth in the coming years,” the statement said.

“In India, RITES is working on two major turnkey projects from the Ministry of Railways.”